Health and Rehabilitation Properties Trust, a Newton, Mass.-based real estate investment trust, reported that net income for the fourth quarter ended Dec. 31, 1993, rose 24% to $9.1 million, or 26 cents per share, from $7.4 million, or 28 cents per share, in the year-ago period. Revenues increased 19% to $15.3 million. For the year, net income rose 23% to $33.4 million, or 97 cents per share, up from $27.2 million, or $1.02 per share, last year. Revenues climbed 16% to $56.5 million. Separately, the REIT said last month that it completed the sale of three healthcare facilities for $22 million in cash and $9.4 million in mortgage financing as part of Horizon Healthcare Corp.'s acquisition of Greenery Rehabilitation Group. It also signed new leases with Horizon on seven properties.
American Healthcare Systems has invested $2 million in Redmond, Wash.-based Diagnostic Ultrasound Corp., which makes equipment to non-invasively diagnose and treat urinary tract infections. Murray Hill, N.J.-based C.R. Bard also has invested an undisclosed amount in the company. Bard will distribute DxU products worldwide. AmHS, a San Diego-based alliance, represents 1,000 healthcare facilities in 47 states.
HAPSCO Purchasing Services Cooperative has paid its members $900,000 in cash and five-year notes for their share of its accumulated fund balances. Last April, the Harrisburg, Pa.-based purchasing group converted from a 501(e) corporation, which can serve only not-for-profit hospitals, to a taxable organization. As a result, it must divide among its members at least 20% of its annual net income. The cooperative, the purchasing arm of HAPSCO Group, changed its tax status so it could serve long-term-care facilities and other organizations in healthcare systems. With the conversion, its membership dropped to 142 hospitals from 203 hospitals. Hospitals that didn't join the new cooperative had switched their purchases to other groups long ago, said John Kauffman, HAPSCO's senior vice president of financial services.
The Copeland Companies, an East Brunswick, N.J., retirement planning conglomerate, has established a new subsidiary to respond to changes in the healthcare industry. Copeland Healthcare Services will offer tax-sheltered annuities, executive benefits programs, voluntary employee benefits and other retirement products. A new supplemental pension product is being offered for senior executives and physicians who are employed or affiliated with participating hospitals. Frank P. Doherty, formerly president of Copeland Retirement Services, will be the subsidiary's president. The Copeland Companies serves 5,000 employers with 600,000 clients in healthcare, government and education.
ImmunoGen has raised $13 million in a stock offering of 2 million shares. The Cambridge, Mass.-based biotechnology company, which now has about 12.5 million shares outstanding, will use the proceeds to support clinical trials, research and development and general operations. ImmunoGen is developing biopharmaceuticals to treat various forms of cancer. Its product to treat B-cell lymphoma has entered the final phase of clinical trials.